Bhubaneswar: The state government has set in motion the task to create land bank of 50,000 acres for industrial and public purposes.

“All collectors have been instructed to identify suitable patches of land for creating land banks in their respective districts. This is as per the direction of the chief secretary,” said an industries department official.

The land bank is expected to boost industrial development that has suffered mainly due to hassles in land acquisition. To boost the industrialisation process, the state government is also giving final touches to the new Industrial Policy Resolution (IPR).

The new IPR that will replace IPR-2007, among other things, proposes to exclude new industrial units and existing units taking up expansion and modernisation programmes from paying land premium. The micro and small units in non-priority sector can avail waiver on premium up to 100 per cent for land area of five acres whereas medium scale units will be entitled to 75 per cent exemption for an area not exceeding 25 acres.

The new IPR promises 50 per cent exemption for large industrial units for an area of up to 500 acres. Similarly, the priority sector units can enjoy 100 per cent exemption in premium payment to Odisha Industrial Infrastructure Development Corporation (Idco) up to 1,000 acres of land.

In a bid to ensure hassle free land allotment to industrial units, the IPR has suggested that the government may consider transferring additional land to Odisha Industrial Infrastructure Development Corporation (Idco) to enable it to set up new industrial areas, estates and parks. Idco is the government's nodal agency for land acquisition.

IDCO has sought administrative approval for acquisition of 476.51 acres of private land in 11 villages of Angul district for extension of the main corridor as part of the common infrastructure corridor project in Talcher coalfields

Private Equity (PE) investments in Punjab's real estate projects were negligible as low returns on such projects and a decreased presence of organised players in the state were keeping equity funds away from the market

The law ministry has proposed setting up of 1,800 fast-track courts across the country to speed up disposal of cases pertaining to land acquisition and property disputes besides those involving heinous crimes

The boom in India's e-commerce sector has led to increase in demand for warehousing space from online retailers which leased about 6 lakh sq ft area in the first half of 2014, according to property consultant CBRE